Property Overview
164 Collegiate Street is a classic one-storey home in Winnipeg's Bruce Park neighbourhood, built in 1918. Its key appeal lies in its generous 3,579 sqft lot, which is notably larger than many in the immediate area, offering valuable outdoor space and potential. The home itself is modest at 768 sqft of living space with an unrenovated basement and a detached garage. Its most recent sale price was significantly below its current assessed value, indicating a potential value opportunity based on the land.
This property suits a specific buyer: those looking for an affordable entry into the market who value land size over a move-in-ready home. It’s a candidate for a long-term hold, a renovation project for an investor or handy homeowner, or a land play for future development, given the lot dimensions. Its charm is not in its current condition but in its underlying assets—the sizable lot in an established neighbourhood and the opportunity it represents.
Frequently Asked Questions
1. Why is the sale price from 2022 so much lower than the current assessed value?
The 2022 sale price of $17.7k was an outlier, well below market norms. This can sometimes happen in distressed sales or unique circumstances. The current assessed value of $210k provides a more realistic, city-standard benchmark for the property's market value.
2. Is the house livable in its current state?
Given the age (1918) and the note of an unrenovated basement, buyers should budget for updates and essential systems checks. It is likely a project home, appealing to those planning renovations or a gradual rebuild.
3. What are the real advantages of the larger lot?
Beyond simple outdoor space, a lot of this size (ranking in the top 40% on its street) provides flexibility. It allows room for additions, landscaping, gardening, or future development like a laneway home, subject to zoning. This is a key asset as neighbourhoods mature.
4. How does this property compare to others in Bruce Park?
The data shows it's atypical for the broader Bruce Park area. Its living space and assessed value are in the bottom tier (top 95% and 90% rankings mean only 5-10% of homes are less valuable/smaller). This highlights it as a more modest, land-value proposition compared to the neighbourhood average.
5. Who would this property not suit?
It is not ideal for buyers seeking a turn-key home, those needing significant space immediately, or anyone uncomfortable with a project. The investment here is in the land and future potential, not in present-day convenience or finishes.